EV ride-hailing firm BluSmart Mobility to raise $25 million in pre-series B funding

Blusmart to raise $25 million in pre-series B round

Electric ride-hailing firm BluSmart is looking to raise $25 million in a pre-series B funding round from new and existing investors to expand its fleet size and enter newer markets.

The funding development comes four months after the firm announced that Switzerland-based asset manager responsAbility Investments AG investing up to $ 25 million (around Rs 208 crore).

In December of 2023 the platform secured $24 million in equity round in addition to raising long term and sustainable EV asset funds worth $200 million, backed by leading development financial institutions.

For the new fundraise, BluSmart has issued more than 1 million pre-series B preference shares at an issue price of Rs 1,830 each, according to regulatory filings made by the firm with the Registrar of Companies.

Inc42 reported the development first.

The EV firm was founded in December 2019 by Anmol Jaggi, Punit K Goyal and Puneet Singh Jaggi with the idea of bringing a new, greener ride-hailing option to the massive Indian market.

The firm raised $109 million across its seed and Series A rounds till date.

BluSmart claims to have crossed $50 million in annual revenue run rate and is growing at more than 100 per cent year-on-year. It has an ecosystem with over 4,000 EV chargers across its 35 charging locations in Delhi-NCR and Bangalore. Besides, it has around 6,000 EVs as part of its ride-hailing business.

BluSmart is on an expansion spree. In a media statement last month, the firm said that it plans to ramp up its existing fleet count to 10,000 electric cars by the end of this year. The firm is also entering newer international markets like UAE.